The prices of petroleum products for March have increased.

The increase was announced by the Minister of Finance, Sili Epa Tuioti, in a statement issued yesterday.

The retail prices for petrol increase by 2 sene from $2.67 to $2.69 per litre.

Diesel has increased by 5 sene from $2.65 to $2.70 per litre and while for kerosene, it has increased by 6 sene from $2.31 to $2.37 per litre.

“March prices reflect January Singapore Prices ‘MOPS’ which recorded increases between US $3.00/bbl and 5.50/bbl. Freight Costs decreased by US$3.50/ MT and the TALA strengthened against the US$ by 2.3% easing some of the impact of the higher MOPS,” the release from the Ministry of Finance said.

“The Iraqi Oil Minister has confirmed that the O.P.E.C. member’s oil output capacity is nearing 5 million barrels per day, but the country will remain in full compliance with its output target under a global pact to cut supplies. The minister has stated that the supply cut agreement between OPEC and non-O.P.E.C. producers should continue despite a rise in oil prices.

The deal between the Organisation of the Petroleum Exporting Countries OPEC and Russia to cut 1.8 million barrels per day of crude, which started in January 2017, is due to last until the end of 2018.”

Retail Prices at Service Stations

• Petrol - $2.69 per litre

• Diesel - $2.70 per litre

• Kerosene - $2.37 per litre